Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1887-09-30
MONEY is TIGHT.

And the Situation Inspires Anxiety
and Inquiry IN TO Causes and FrO-
spects.
Bradstreet's On. " Sept. "a: Com
plants by merchants, jobbers aud manu-
f~acturers of inability 10 secure desired
discounts from banks had been incseas-
ing with noticeable frequency Tor some
weeks to September 81, and the outlook
at New York was such as to induce
many 60 tall seriously oil an Impending
panic. Money was easier and lower
on cxli at New York han on the best
commercial paper. After the offer OF the
treasury to buy $l4 900 900 worth Of
government 4 snd AZ per cent on Sep
tember ~ some RELIEF on call loans was
experienced, although the offer can no
more than offset She customs taking for
y fortnight,
Interviews with o number of leading
New York CITY note brokers indicate q
much better feeling IN regard 10 the
future, though there is some difference IN
the opinions expressed regarding the i'm.
mediate situation. While some fail t.
see any very Immediate Improvement,
others report that there is q decided
revival in the inquiry for notes from
COuutty 6duhcI6 dhei OLuEF cGuSGOulhIH
investors in paper.
A gentleman conneoted with one of
the wealthlest banks in New York stat
cd that much of the complaint of tight
money In commercial hnes Is ettributa-
BILE to note brokers' who, IA a rule, do no,
possess financial resources themselves.
When money is easy they do q large
business that ordinarily should be done
by the banks. When money becomes
tight the banks will act cautiously and
loan only to their own customers. His
own bank, he added, is banding com
msrclal paper at the regular rate, 6 per
cent, for Ito own customers. People not
IN the habit OF dealing with this bank,
OF course, do not expect like accommodate
ton, As to the outlook, he was of the
opinion that in the absence of special
action by the treasury u stiff market was
probable for home time to come. A
temporary remedy, he thought, might
be found IN the letting out OF some of
the treasury surplus by buying bonds.
A check in the import movement which
oontinnes 20 look up money (custom
dutiesl you'd be of some assistance.
Mr.. Hazard, OF the American Loan &
Trust Co., said that the %stringency IS
less acute in the west and elsewhere than
in New York. Immediate relief can be
obtained by the treasury department
letting out some of it's surplus. The
prospect for ultimate relief seems good
independent of action that may be taken
by the treasury department.
The inquiry among the wholesale dry
goods merchants tends to show that
tiehtness of money is giving them some
concern. The commission men, as q
rule report more trouble from this cause
shan the jobbing branch of the trade.
This has manifested itself in the placing
OF buying orders which. to use q trade
phrase are very conservative The
Iobblng trace did a very large trade this
fall. Whether it might not have been
still larger had it not been for the con-
I dftion of the money market is not easy
to determine. Some favor that view and
others do not. Immediate action look
ing to less strlngenoy 10 the money
market is demanded. The opinion is
widespread that the treasury department
might bring about the desired effect by
liberal bond calls at rates sufficient to
provide the necessary relief. On the
basis of sales already made the crafty
ing fact is brought out that collections
are, as q rule, good. This has induced
several to believe that, as q whole, the
country is relatively better supplied with
money than New York itself.
Special kilograms to Bradstreet's from
the important domestic financial
%centers indicate that q large share OF the
reported harm to general trade caused
by tight money has been unfounGed.
This is ~conol1siveiy shown in
g series of reports to Bradstreet's OF
the effect OF the stringency on
general business at the larger money
centers. There has been some nm
favorable influence exerted among Job
bers and other merchants at New York,
Philadelphia and Boston, due to the
difficulty in obtaining liberal discounts,
and because of rates having been sharp
y advanced for best commercial paper.
The loan markets have been quite still,
and paper has been scanned much more
closely than usual at Pittsburgh, Oin-
cinnatti, Detroit, Chicago St. Louis
Kansas City, st. Joseph, st. Paul and
Minneapolis, but nc actual strinReney
hes been noted of those cities, and re-
gular customers of banks have been pro-
tected. But the inability of the week.
ly purchases of bonds by the Treasury
10 bring relief at the east had excited
the commercial public, and talk of q
squeeze and possible panic had stimula-
ted caution among leaders to such q
degree that some relief was necessary.
This was met by the presidents offer 10
buy $14 900 900 of 4s and AIS, but call
loan rates only have become easier.
Mercantile collections west continue fair
and with tha increasing crop movement
promise to become easier. !.
Bank clearing at 3S cities, as specially
wired to Bradsteet's, this week aggre-
gate S1,0l4 1855, 1873, nearly 8 per sent
more than last week and over 4 per sent
! n excess OF the total for the like week
last year.